However the rule is relaxed only in cases :

When a person opens the PPF account for a minor child, wherein the account of the minor child would be maintained under his guardianship. Also, either of the parents only can open the PPF account on behalf of the minor daughter or son i.e. both the mother and father cannot open the account on behalf of the same minor child. Grandparents also in case of death of both the parents can open the PPF account on behalf of their grand child.

Thus, in a case where there are 3 members in a family father, mother and a minor daughter only 3 PPF account can be opened and maintained in their respected names. However, account of the minor daughter would run under the guardianship of either of the parent.

An important point to take note of is that individual PPF account and their respective guardianship PPF account together have an investment cap of Rs. 1Lac on an annual basis. So, a father who holds a PPF account in his name and also is a guardian for another PPF account that is maintained in his daughter's name can invest in total in both the PPF accounts an amount not exceeding Rs. 1 lac in a year. Read to know more about PPF a/c 7 Must Know Facts about Public Provident Fund (PPF).

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